Question: Marin Ltd. started the year with a balance owing from Stratford Inc. of $31,200. After several phone calls, on Feb. 1, 2025, Stratford offered to

Marin Ltd. started the year with a balance owing from Stratford Inc. of $31,200. After several phone calls, on Feb. 1, 2025, Stratford offered to sign a 5% note for the balance owing. The note is due May 1, 2025. Marin has a calendar year end and adjusts its accounts monthly. On May 5, Marin Ltd. was notified that Stratford Inc. went bankrupt and would not be paying off its debts. Required:

Prepare all journal entries and month-end adjusting entries from Feb. 1, 2025 to May 5, 2025 for Marin Ltd.

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